UK - Bedlam Asset Management is planning an aggressive new business campaign in a bid to double its assets under management.
The fund manager – which launched with a high-profile “no gain, no fee” campaign – had a total of £17.7m in assets under management by December 31.
Of this, £12.5m was invested in its open-ended investment companies and £5.2m held in segregated portfolios for three schemes.
Bedlam targeted the retail sector when it first launched but has seen increasing interest from the institutional market, particularly small schemes.
Chairman Jonathan Compton said that apart from the three segregated mandates, 15 institutions had invested in its OEICs to “see if we’re real”.
Compton said he expects to increase the number of institutional clients rapidly and predicts that it should have at least six segregated scheme mandates worth a total of £30m by the end of the year.
Compton said: “What we’ve found is that the £20m to £100m schemes are far more dynamic than the consultants, but that’s because they’re the ones sitting on the operating black holes.”
Aon Consulting principal Chris Erwin said: “The old consensus, where schemes had to choose from four large fund managers, has broken down. Trustees have a better understanding of risk now and managers that are not in the magic circle are finding acceptance.”
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.